due diligence currently underway., page-2

Morning all

A few notes/comments from the AGM

Pase Renewal
Comments by the chair indicate that the company still extremely confident of renewal but arent expecting it now until possibly as late as February. Just the way the locals run their business.

Workovers
A-1 complte, A-2 currently being tidied up. Workovers were completed under budget. Expected online soon and expected to increase production to well above 2011 levels.

Seismic reprocessing
Is underway and has already produced 3x possible infill well locations. West PASE a-7 target has been identified as well as a new Carbonate lead close to the SLS feature that looks to be very promising.

3 wells are expected to be drilled late next year.

Acquisition of EM assets

As openseason points out TEG currently doing DD and has been in the data room. Not much detail here due to confidentiality agreements but seems very clear that this is BIG.
Assets include block B, NSO block (offshore) and if i read the preso correctly a 30% share in the Arun field.

Prices recieved for our product are very high by global standards. TEG very comfortable working in Aceh/Indo.

As i see it there is plenty of exploration and production upside in the existing assets BUT if they pull of this acquisition then TEG it will be a major step up for this little company.